Thai Union Suspends Public Offering Following Subpoena from U.S. Justice Department
Thai Union has temporarily suspended a public offering the company announced earlier this week in the wake of a subpoena from the Department of Justice (DOJ) to Tri-Union Seafoods LLC, a subsidiary of the tuna giant operating in the United States under the brand Chicken of the Sea. TUF planned to raise $380 million through the offering to existing shareholders that would be used to complete its $1.5 billion acquisition of Bumble Bee Seafoods. TUF has been asked to provide information to the DOJ’s antitrust division related to an investigation of the packaged seafood industry. TUF had no comment on the investigation other than that they are cooperating with the DOJ and have suspended the public offering.
Thailand’s Shrimp Association said shrimp production should eclipse the 200,000 ton mark by the end of 2015 but is not expected to trend much higher in the years ahead. "It is expected that Thai shrimp output will total around 210,000 tons this year and Thailand may need at least three years before the shrimp production returns to normal,” said Somsak Paneetatyasai, president of the Association.
In other news the ADF&G reports the summer Chinook run has reached Canada and has met nearly all escapement goals along the Yukon. So far an estimated 36,000 Chinook have passed through the sonar project near Eagle. The escapement goal of 42,500 Chinook is expected to be reached by the end of the week. “Fish and Game and the U.S. Fish and Wildlife Service would like to extend our thanks and appreciation to the fishermen of the Yukon River. We’re getting the number of Chinook salmon on the spawning grounds that we need to sustain this run,” said ADF&G biologist Stephanie Schmidt.
Meanwhile, Red Lobster has added Alaskan sockeye to its summer Crabfest promotion this year. Lower sockeye prices have made it a more appealing promotional option this summer among foodservice and retail operators.
Finally, the Mazzetta Company has opened up Gloucester Seafood Processing (GSP) in Gloucester, Massachusetts. The subsidiary will expand Mazzetta’s domestic seafood operations with a state-of-the-art facility. “Our goal at GSP is to offer a premium product with an assured supply...sustainability, quality, consistency & fishery involvement. These are key pillars to GSP's operations,” said Mazzetta Company and Gloucester Seafood Processing Executive Vice-President Jordan Mazzetta.
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